The number of job openings in the U.S. rose to a record high in July, boosted by opportunities in the professional and health care fields.
Nonfarm job openings rose by 430,000 to 5.75 million in July, the highest level since December 2000, when data collection first began, according to the Labor Department’s Job Openings and Labor Turnover Survey, also known as Jolts. Economists surveyed by The Wall Street Journal had expected 5.29 million job openings.
July’s report suggested an improving economy with openings for job seekers in business services and professional fields, health care and social assistance, hospitality and retail.
Federal Reserve officials monitor the Jolts report closely, looking to its details on hiring, separation and quits to detect slack in the labor market.
“Regardless of how the Fed reads these numbers, we see them as quite favorable for job seekers. Prospects for continued solid employment growth (which has slowed only under the most cherry-picked filter) look bright for the near term,” said J.P. Morgan economistMichael Feroli in a note to clients.
The number of voluntary quits fell to 2.70 million in July, from 2.74 million in June. Layoffs and discharges totaled 1.61 million in July, down from 1.78 million in June.
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